Snap! Rush Limbaugh's 'Radio Daddy' Clear Channel Reports $309 Million In 4th Quarter Losses

[kentuck]

http://www.dailykos.com/story/2014/02/20/1278989/-Snap-Rush-Limbaugh-s-Radio-Daddy-Clear-Channel-s-Reports-309-Million-In-4th-Quarter-Losses?detail=facebook

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Yes. Clear Channel/CCI has once again reported an extremely heavy loss in their 4th quarter and year ending report. It's no surprise the Bain-owned media giant, home of Rush Limbaugh's vile commentary, continues to fail on Wall Street. Since Limbaugh's 3-day on-air attack of then unknown Sandra Fluke, two years ago, the public protests against 'hate radio' have only strengthened and grown in numbers.

In last year's 1st quarterly report, Clear Channel showed a $210 million drop in revenue. And now in their final quarterly report of 2013, the losses have widened substantially, according Wall Street Journal:

CC Media is the vehicle used by private-equity firms Bain Capital LLC and Thomas H. Lee Partners LP to privatize Clear Channel Communications in 2008. The company reported for the latest period a loss of $309.2 million, compared with a year-earlier loss of $191.3 million, and pointed to equity in losses of nonconsolidated affiliates and higher interest expenses.

....more

[lostincalifornia]

1. Good

[Liberal_in_LA]

2. good

[Marie Marie]

3. Too bad Rush's Little Blue Pill can't raise his revenues.

[cpwm17]

4. What's bad for Clear Channel

is good for America

[LiberalAndProud]

5. Are they willing to lose $10 million+ every month indefinitely?

Maybe at long lost we will see an end of hate radio. And maybe that's too little too late.

[Thinkingabout]

6. Good news both for Bain and Rush, start jumping Rush.

[KentuckyWoman]

7. Does it really have anything to do with Rush

The guy is nothing but a stale biscuit now. His demographic is down to 12 old white men who need to be told what to think and a million people just tuning in for the comedy of an irrelavent has been who thinks he can still hurt anyone.

Really I wonder if this is just Bain doing what Bain does best. Trash a company, bet against itself, and walk away with zillions while a bunch of working people at Clear Channel end up out of work and screwed out of retirements etc.

[okaawhatever]

10. I'm wondering the same. Knowing Bain they may be doing something to kill off the company

and sell the assets or sell off the licensing, something to that effect. They may be allowing it to go down the tubes until they can break the union workers? Who know, hopefully it's just their typical bad management, but it wouldn't surprise me if they're up to something.

[Historic NY]

8. ...

[progressoid]

9. Oh yeah baby...

[Ikonoklast]

11. CC is so highly leveraged they were destined to fail as soon as they were taken private.

It was almost a foregone conclusion reached by many analysts they would not be able to meet their debt obligations even though pulling in decent profits, and they have been right on the money with that prediction.

One billion due this year, 10.4 billion due in 2016 to lenders.

Ain't gonna happen, Vulture Capitalism strikes again.


http://www.cbsnews.com/news/is-romney-to-blame-for-hundreds-of-layoffs-at-clear-channel-radio/

[Aristus]

12. Time for CC to cut the fat, and get rid of some useless deadweight.

We're looking at you, Rush...

[CFLDem]

13. Bye Rush!!!!

[sorefeet]

14. He sucks 50 million bucks

a year out of these fuckers, how long do they think they can support those kind of wages. They all have huge salaries. Just another get rich scheme from the mega rich. All from propaganda. which they call free speech. It amazes me how they can get away with harming the country with all of the racism, violence and hate.

[RandiFan1290]

15. They will never get rid of Rush

or any of the rw propaganda machine.

CC will just lay off more local talent and put more stations on computer control.

[Earth_First]

16. So how long will Clear Channel/CCI sustain $400 million annual losses...

before Limbaugh is put on the 'retirement' block by the board of directors.

There's only one thing that these vultures respond to, and that's quarterly profits/losses.

They lay off Main Street for much less than $400 million per year, perhaps Limbaugh's own walking papers are not far behind.

Let's hope.